Project costs(in millions) break down into the following categories:
| Design/Construct New Library | $14.4 |
| Land Acquisition (Moe Road Site) | .6 |
| Total Project Costs | 15.0 |
| Less Sale of Current Building | (1.5) |
| Less Outright Purchase of Land | (0.6) |
| Bond Issue | $12.0 |
The Library Board plans to make an outright purchase of the Moe Road site which would save the District $550,000 dollars over the 30-year life of the bond. The $600,000 dollar land purchase would be afforded by combining savings from 2004 pre-construction costs, with 2005 funds allocated to construction-related activities.
In addition, the sale of the current facility to the YMCA will provide $1.5 million dollars, which is being applied to the project to reduce the size of the bond needed as shown above.
The approved Library expansion results in a $.25 increase in the tax rate, bringing the new rate to $.95 per $1,000 assessed value. This means that a District homeowner with a home assessed at $100,000 will pay $25.00 more per year, or a $200,000 assessed home, $50.00 more annually.
Although the overall project costs were the same as what was proposed last year ($15 million), the impact on homeowners is actually $0.03 less per $1,000 assessed value than the 2003 proposal that was defeated. The reason that there was not a reduction in the overall project costs with a proposed Library 13,000 square feet smaller than last year's proposal is due to significantly higher construction costs this year resulting in an estimated $2 million in lost savings and 13,000 square feet.
Return to The Proposal
